CPMI-IOSCO PFMI Assessment of UK Payment Systems and CSDs Complete
Summary
CPMI-IOSCO assessed that the United Kingdom's framework for systemically important payment systems (PSs) and central securities depositories/securities settlement systems (CSDs/SSSs) is complete and consistent with the PFMI principles in most aspects. The assessment, reflecting implementation status as of September 30, 2023, found full consistency for PSs but identified areas for improvement in CSD/SSS risk and governance principles where implementation was broadly, partly, or not consistent with the PFMI.
What changed
The CPMI-IOSCO Level 2 assessment report evaluated the completeness and consistency of the UK's legal, regulatory, and oversight frameworks for systemically important payment systems and CSDs/SSSs against the Principles for Financial Market Infrastructures. The assessment found the UK's implementation of PFMI is complete and consistent with all Principles for payment systems, and the CSD/SSS framework is complete and consistent in most aspects. However, the assessment identified areas for improvement, particularly in risk and governance principles where implementation was broadly, partly, or not consistent.
Affected parties, including financial market infrastructure operators, regulators, and market participants, should review the assessment findings to understand specific areas where UK implementation falls short of full PFMI consistency. Central counterparties and trade repositories were assessed separately under an earlier EU report and are not covered by this assessment.
What to do next
- Monitor for updates on PFMI implementation improvements in the UK
- Review CPMI-IOSCO assessment report for specific areas of partial or non-consistency
Archived snapshot
Apr 16, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
CPMI-IOSCO assesses that the United Kingdom has implemented the Principles for financial market infrastructures for two FMI types, but recommends some improvements
Press release | 16 April 2026
- The UK's framework for systemically important payment systems and central securities depositories/securities settlement systems is complete and consistent with the CPMI-IOSCO Principles for financial market infrastructures (PFMI) in most aspects .
- The CPMI-IOSCO assessment identified some areas for improvement where implementation was broadly or partly consistent or not consistent with the PFMI.
- The assessment reflects the status of implementation as of September 2023.
The United Kingdom's implementation of the framework for systemically important payment systems (PSs) and central securities depositories (CSDs)/securities settlement systems (SSSs) is consistent with the Principles for financial market infrastructures (PFMI) issued by the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO).
Implementation monitoring of PFMI: Level 2 assessment report for the United Kingdom – PSs and CSDs/SSSs – a CPMI-IOSCO report released today – assesses the completeness and consistency of the legal, regulatory and oversight frameworks in place as of 30 September 2023 for these types of financial market infrastructures.
Developments in the legal, regulatory and oversight frameworks following the Level 2 assessment date are not in the scope of this report.
The report finds that the implementation of the PFMI is complete and consistent with all Principles for PSs. The legal, regulatory and oversight frameworks in the United Kingdom for CSDs/SSSs are complete and consistent with the Principles in most aspects.
However, the assessment identified some areas for improvement, particularly in aspects where implementation was broadly, partly or not consistent, including risk and governance principles.
The UK framework for central counterparties and trade repositories was assessed under the assessment report for EU central counterparties and trade repositories, published in February 2015.
Related changes
Get daily alerts for BIS Press Releases
Daily digest delivered to your inbox.
Free. Unsubscribe anytime.
About this page
Every important government, regulator, and court update from around the world. One place. Real-time. Free. Our mission
Source document text, dates, docket IDs, and authority are extracted directly from BIS.
The summary, classification, recommended actions, deadlines, and penalty information are AI-generated from the original text and may contain errors. Always verify against the source document.
Classification
Who this affects
Taxonomy
Browse Categories
Get alerts for this source
We'll email you when BIS Press Releases publishes new changes.
Subscribed!
Optional. Filters your digest to exactly the updates that matter to you.